No, WWE doesn't seem to be treating it as a "legit" championship. I think they just had Edge and Foley name themselves "Hardcore co-champions" as part of the ECW vs. WWE/RAW angle, which appears to be over now that Van Dam is no longer WWE (nor ECW, for that matter) champion. He's reportedly been suspended for 30 days and the ECW contingent really have no reason to be on RAW anymore or vice versa. Unless they're going to keep the title going with Foley now that Edge is WWE champion, it seems to be dead.